ORS 100.740
Notice to purchaser of cancellation rights

  • form

(1)

Subject to ORS 100.730 (Cancellation of sale of unit) (8), a unit sales agreement shall contain, either upon the first page or upon a separate sheet attached to such first page, the following notice in at least 12-point type that is all capitals or boldface:

BY SIGNING A UNIT SALES AGREEMENT YOU ARE INCURRING A CONTRACTUAL OBLIGATION TO PURCHASE AN INTEREST IN A CONDOMINIUM. HOWEVER, YOU HAVE THE RIGHT TO CANCEL THIS AGREEMENT FOR ANY REASON FOR FIVE BUSINESS DAYS (EXCLUDING SATURDAYS AND HOLIDAYS) AFTER WHICHEVER OF THE FOLLOWING IS LAST TO OCCUR:

(1)

SIGNING BY THE PURCHASER OF THE UNIT SALES AGREEMENT;

(2)

SIGNING BY THE PURCHASER OF THE RECEIPT FOR THE DISCLOSURE STATEMENT, IF ANY; OR

(3)

SIGNING BY THE PURCHASER OF THE RECEIPT FOR A COPY OF THE CONDOMINIUM DECLARATION AND BYLAWS AND ANY AMENDMENTS OR SUPPLEMENTS THERETO AFFECTING THE UNIT.
TO CANCEL THIS AGREEMENT, YOU MUST GIVE WRITTEN NOTICE TO THE DEVELOPER OR THE AGENT OF THE DEVELOPER AT THE FOLLOWING ADDRESS:
__________________
__________________
__________________
__________________
__________________
BEFORE EXECUTING THIS AGREEMENT, OR BEFORE THE CANCELLATION PERIOD ENDS, YOU SHOULD DO THE FOLLOWING:

(1)

CAREFULLY EXAMINE THE DISCLOSURE STATEMENT, IF ANY, ISSUED BY THE REAL ESTATE COMMISSIONER ON THE CONDOMINIUM AND ALL ACCOMPANYING INFORMATION DELIVERED BY THE DEVELOPER. OREGON LAW REQUIRES THE DEVELOPER TO DELIVER TO YOU A COPY OF THE DECLARATION AND BYLAWS OF THE CONDOMINIUM AND ANY SUPPLEMENTS AND AMENDMENTS THERETO AFFECTING THE UNIT PRIOR TO THE TIME THE UNIT SALES AGREEMENT IS FULLY EXECUTED BY ALL PARTIES. A COPY OF THE DECLARATION AND BYLAWS, AND ANY SUPPLEMENTS AND AMENDMENTS THERETO, ARE AVAILABLE FROM THE ASSOCIATION FOR EXAMINATION AND DUPLICATION, AT A REASONABLE FEE, UPON YOUR WRITTEN REQUEST.

(2)

INQUIRE OF YOUR LENDER WHETHER YOU CAN GET ADEQUATE FINANCING ON AN ACCEPTABLE BASIS.

(3)

INQUIRE OF THE DEVELOPER AND THE LENDER WHAT THE AMOUNT OF THE CLOSING COSTS WILL BE.
OREGON LAW REQUIRES THAT YOU IMMEDIATELY BE GIVEN A COPY OF THIS NOTICE AND A COPY OF THE UNIT SALES AGREEMENT WHEN IT HAS BEEN FULLY EXECUTED BY ALL PARTIES.

(2)

Except as provided in ORS 100.665 (Exemption to certain disclosure and notice requirements), a copy of the notice set forth in subsection (1) of this section shall be given to each purchaser at the time of or immediately following the purchaser’s signing of the unit sales agreement, for the use of the purchaser. [Formerly 94.424; 2001 c.756 §55; 2003 c.569 §41]

Source: Section 100.740 — Notice to purchaser of cancellation rights; form, https://www.­oregonlegislature.­gov/bills_laws/ors/ors100.­html.

100.005
Definitions
100.010
Short title
100.015
Rules
100.020
Condominium provisions
100.022
Application of zoning, subdivision, building code or real property law to condominium
100.023
Void and unenforceable provisions of condominium governing document
100.025
Rule against perpetuities
100.100
Property submitted to unit ownership by declaration
100.102
Leasehold condominium submitted to unit ownership
100.103
Effect of submission of leasehold condominium to unit ownership
100.105
Contents of declaration
100.110
Approval of declaration, supplemental declaration or amendment required
100.115
Recording declaration and plat
100.116
Plat amendment
100.117
Correction amendment to declaration or bylaws
100.118
Correction amendment to condominium plat
100.119
Restated declaration
100.120
Supplemental declaration and plat required to annex additional property or reclassify variable property
100.122
Declaration prevails over inconsistent provisions of bylaws or articles of incorporation
100.123
Authority to amend declaration or bylaws to comply with federal or state law
100.125
Annexation of additional property
100.130
Relocation of unit boundaries and common elements by amendment to declaration
100.135
Amendments to declaration
100.140
Temporary relocation of floating structure
100.150
Declarant’s options until termination date
100.155
Variable property
100.170
Easement held by declarant
100.175
Reserve account for maintaining, repairing and replacing common elements
100.185
Express warranties
100.200
Declarant control of association
100.205
Transitional committee
100.210
Turnover meeting
100.220
Liabilities and obligations arising from transfer of special declarant right
100.225
Acquisition of special declarant rights by successor declarant
100.250
Documents required to be filed with Real Estate Agency
100.255
Processing of documents filed with Real Estate Agency
100.260
Condominium Information and Annual Reports
100.265
Annual Report
100.275
Application of ORS 100.250 to 100.280
100.280
Termination of filing Condominium Information Report
100.285
Resignation of designated agent
100.290
Rules
100.300
Inapplicability of ORS 100.301 to 100.320 to transient lodgings
100.301
Definitions for ORS 100.301 to 100.320
100.305
Conversion condominium
100.310
Rights of tenants in conversion
100.315
Improvements in conversion condominium during notice period
100.320
Authority of city or county to require developer to pay tenant moving expenses
100.405
Association of unit owners
100.407
Annual and special meetings of association
100.408
Quorum for meeting of association
100.409
Rules of order
100.410
Adoption of bylaws
100.411
Restated bylaws
100.413
Approval of amended or restated bylaws
100.415
Contents of bylaws
100.416
Criteria for board of directors membership
100.417
Board of directors of association
100.418
Receivership for failure of association to fill vacancies on board of directors
100.419
Assent of director to board action
100.420
Board meetings
100.423
Electronic notice to owner or director
100.425
Use of written ballot for approving or rejecting matters subject to meeting of unit owners
100.427
Methods of voting
100.428
Electronic ballot
100.430
Unit deeds
100.435
Insurance for individual units and common elements
100.440
Liens against property
100.445
Independent default clauses
100.450
Association lien against individual unit
100.460
Foreclosure against unit
100.465
Circumstances in which deed in lieu of foreclosure extinguishes lien
100.470
Lien foreclosure
100.475
Personal liability for assessment
100.480
Maintaining documents and records
100.481
Application of ORS 100.480
100.483
Annual budget
100.485
Duration and termination of initial management agreements and service and employment contracts
100.490
Notice to unit owners of intent of association to commence judicial or administrative proceedings
100.505
Status and ownership of units
100.510
Units and common elements distinguished
100.515
Interest of units in common elements
100.520
Easement held by units and common elements
100.525
Voting or consenting
100.530
Allocation of common profits and expenses
100.535
Maintenance and improvement of units
100.540
Use and maintenance of common elements
100.545
Compliance with bylaws and other restrictions
100.550
Service of process
100.555
Taxation of units
100.600
Termination of association or removal of real property by unit owners
100.605
Removal of property from association
100.610
Common ownership of property removed from unit ownership
100.615
Action for partition
100.620
Termination or removal no bar to resubmission
100.625
Procedure for dividing or converting units
100.626
Legislative findings
100.627
Electric vehicle charging stations
100.635
Filing with commissioner
100.640
Filing
100.645
Filing information to be kept current
100.650
Service of process on nonresident developer
100.655
Disclosure statement
100.658
Limited residential condominium filing
100.660
Nonresidential condominium or security filing
100.665
Exemption to certain disclosure and notice requirements
100.668
Documents and information included with filing
100.670
Fees
100.675
Inventory of filing
100.680
Escrow of unit sales agreement
100.685
Contents of unit sales agreement
100.700
Inspection of condominium
100.705
Sale prohibited prior to issuance of disclosure statement
100.710
Inspection deposit
100.720
Conditions prerequisite to sale
100.725
Documents prerequisite to execution of sale agreement and conveyance of unit
100.730
Cancellation of sale of unit
100.735
Waiver of right to cancel
100.740
Notice to purchaser of cancellation rights
100.745
Escrow documents required of successor to vendor’s interest
100.750
Inspection of records
100.770
Fraud and deceit prohibited
100.775
False or misleading advertising prohibited
100.780
Waiver of legal rights void
100.785
Blanket encumbrance prohibited
100.900
Civil penalty
100.905
Cease and desist order
100.910
Use of fees
100.920
Changes or actions that require approval or consent of mortgagee
100.990
Criminal penalties
Green check means up to date. Up to date